For the week ending Jan. 28, 2010, the Dow ended down 0.4%, at 11824; the S&P 500 was off 0.5%, to 1276; but the Nasdaq dropped just 0.1%, ending at 2687.
Bonds prices were helped by some well-received auctions Wednesday and Thursday, followed by the flight to safety on Friday, courtesy of falling stocks. The FNMA 4.0% bond we watch ended UP 78 basis points for the week, closing at $99.09. This bodes well for mortgage rates, although Freddie Mac's weekly survey of conforming mortgages reported average fixed-rate mortgage rates inching up slightly, thanks to the strengthening economy. Still, mortgage rates do remain at super low levels.
From my "Inside Lending Newsletter" for Jan. 31, 2011
Comments(0)